Shopping Center Business

JUL 2018

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BOSTON 60 • SHOPPING CENTER BUSINESS • July 2018 urbs of Concord, Sudbury, Acton, Stow and Hudson. The development will also feature 180 apartments and a 143-unit senior independent living community. Site work on the development began in fall 2017, and retail spaces are expected to be ready for occupancy in spring 2019. "When we started looking at the project in 2012, there was definitely a need for a grocery store in this area," says Robert Depietri, vice president of development for Capital Group, the project's develop- er. "Maynard hasn't had a grocery store in 30 years, and most residents are having to drive 10 miles to a grocery store. There also haven't been apartments built in quite some time either." Capital Group began working with the town of Maynard in October 2012. After several town meetings and a zon- ing change, plans for the project were approved in August 2017 by both the planning board and the zoning board of appeals. The site, which is located at 129 Parker Street, has been vacant since the late 1990s when Digital Equipment Cor- poration was acquired by Compaq. "The approval process was long, but now that we're through that, everyone in town is pretty excited about the project," says Depietri. "Hopefully, the project will lead to some of the other office buildings in town getting to a higher occupancy level." The development is approximately 2.5 miles from the Acton stop of the Mas- sachusetts Bay Transportation Authority commuter rail station, and Depietri said he expects the project to attract residents who commute into Boston. LeCesse Development is building the multifamily portion of the project, which is planned to include 180 units. The com- plex is expected to be completed in fall 2019. Hawthorn Senior Living is devel- oping the 143-unit independent living community, with construction expected to begin this summer. Depietri says that retail tenants were selected to serve residents beyond those living at the development, serving more than 67,000 people who live in a five-mile radius of Maynard Crossing. "The project was designed to contain all different uses," says Depietri. "All the retailers and amenities we're going to have at the project, the residents are going to be able to walk to those, which is not common in this area." BOSTON'S NEXT GREAT NEIGHBORHOOD The reinvigoration of the area's his- toric neighborhoods continues with the redevelopment of Arsenal Mall in Water- town's East End. Located on the site of the former Wa- tertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, the mall was purchased by de- velopers Boylston Properties and The Wilder Companies with the intention of redeveloping it into a mixed-use project. Scheduled to open in spring 2019, the renamed Arsenal Yards plans to to put Watertown on the list of Boston's fastest growing neighborhoods, with the likes of Fenway, Seaport and Summerville. "We're creating a whole new neighbor- hood here," says Tom Wilder, who leads development and asset management for The Wilder Companies. "There have been some great neighborhoods that have burst onto the scene in the past few years. Now it's Watertown's turn." Located on the banks of the Charles River where Cambridge meets Boston, the 1-million-square-foot Arsenal Yards project will include 250,000 square feet of retail, an apartment complex, a Hampton by Hilton hotel and 200,000 square feet of office space. Retail tenants that have already signed include Roche Bros. Market, who will open a 32,000-square-foot location; Majestic Cinemas, who will open a sev- en-screen, 750 seat theater, and City Works Eatery and Pour House. Wilder says that retail tenants have been chosen to enhance the consumer's experience at the development first and foremost. That experience-oriented strategy includes fewer apparel storefronts, a curated se- lection of local and regional restaurants and a specialty fitness collection that in- cludes boutique concepts like Pure Barre. The development will also include a sub- stantial amount of outdoor space and all street-level retail. Work on the project included exposing the facades of two 150-year-old buildings that were covered when the property was converted to a mall in the early 1980s. Growing into New Hampshire T he waves of commercial devel- opment overtaking Boston have found their way over the state border in New Hampshire. Located 32 miles north of Boston, the 170-acre Tuscan Village in Salem aims to become New Hampshire's premier live-work-play life- style destination. Expected to be completed in 2021, Tuscan Village will feature 2.75 million square feet of development, including 700 housing units; a hotel and confer- ence center; car dealership; a 1 million- square-foot medical campus; 500,000 square feet of office space; and 800,000 square feet of retail. Built at the for- mer site of the Rockingham Park horse track, it is currently the largest mixed-use development under construction in New England. "The vision for the project is to create a new downtown for Salem and to en- hance what is really the gateway to New Hampshire," says Mike Powers, retail di- rector of Tuscan Village. "The proximi- ty of this project to Boston presents all kinds of opportunity not only for retail, but also for residential and office space as well." As there is no sales tax in New Hamp- shire, shoppers searching for big-ticket retail items will likely be attracted to Tuscan Village. Other planned ameni- ty and entertainment retail includes a cinema, upscale bowling alley and a craft brewhouse. Retailers already in operation in Salem near Tuscan Village include Bed Bath & Beyond, Home Depot, DSW, Target, Kohl's, Staples, Best Buy and Walmart. "The market is the same customer base as Boston, says Powers. "You're only 30 minutes away. It's really part of the Boston and Southern New Hampshire trade area. Tuscan Village will collective- ly be a powerful attraction without com- peting with any existing retail." — David Cohen

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